Weill Cornell Medicine is putting a dent in its student body's debt thanks to the generosity of benefactors.
The New York med school announced Monday that it would be eliminating debt for all of its students who are eligible for financial aid.
Weill will replace student loans with scholarships for eligible first-year students starting this year, and for future incoming classes. Students who demonstrate financial need will have their loans replaced with scholarships from the college.
These scholarship funds were accumulated over the past three decades by donors and total $160 million. In the release the college stated that this had long been a goal.
For the Weill Class of 2020, which will be the last not to benefit from the scholarship, the total cost of attending has totaled $88,656.
This move is similar to scholarships at other medical programs trying to remedy the high cost of higher education and the substantial debt their students take on.
Last year New York University School of Medicine introduced its tuition-free program, also funded extensively by donors. All M.D. students are eligible regardless of merit or financial need. The tuition cost covered by the scholarship is $55,018.
Washington University in St. Louis announced in the spring that it would put $100 million toward paying students' tuition for over half of its incoming classes, based on financial need and academic merit. The 2019-20 academic year tuition cost sits at about $66,913.